Key Points
- Bitcoin Depot has increased its Bitcoin reserves with a purchase of 11.1 BTC.
- The company operates 8289 Bitcoin ATMs across the US, Canada, and Puerto Rico.
Bitcoin Depot has bolstered its Bitcoin reserves by purchasing an additional 11.1 BTC. This move underscores the company’s dedication to holding the leading cryptocurrency as a treasury asset.
Although the exact cost of the acquisition was not revealed, it is estimated to be around $969,748 based on Bitcoin’s current market value of $87,274 per BTC.
Bitcoin Depot’s Reserve Strategy
In June 2024, Bitcoin Depot officially started holding Bitcoin as a reserve asset. This made it part of a growing number of publicly traded companies integrating the cryptocurrency into their corporate treasuries. Companies such as KULR Technology Group, Selmer Scientific, Acurx, and Riot Platforms have also taken similar steps.
Bitcoin Depot views Bitcoin as more than a digital asset. It sees it as a long-term investment capable of weathering economic uncertainty. As such, the company allocated a portion of its corporate reserves to Bitcoin, citing its potential as a hedge against inflation and financial instability.
Since launching this strategy, Bitcoin Depot has been steadily increasing its holdings. On February 3 of this year, the company announced a significant purchase of 51 BTC for $5 million, bringing its total reserves to 71.5 BTC. With this latest acquisition, the company’s treasury now holds 82.6 BTC.
Bitcoin Depot’s Market Presence
Bitcoin Depot entered the cryptocurrency space in 2016 and has since become the largest Bitcoin operator in the United States. According to data from CoinATMradar, Bitcoin Depot currently operates 8289 kiosks across the US, Canada, and Puerto Rico.
In July 2023, Bitcoin Depot made history by becoming the first US-based crypto ATM provider to go public. It debuted on the Nasdaq stock exchange under the ticker symbol BTM, marking a significant milestone for the industry.
The company’s latest Bitcoin investment comes at a time when the digital asset market is experiencing a sharp downturn. Following a $1.4 billion hack of the crypto exchange Bybit, Bitcoin’s price fell below the $90,000 mark. As of now, the cryptocurrency is trading at approximately $87,274, reflecting an 8% decline over the past 24 hours.
Other major cryptocurrencies like Ethereum and Solana have also suffered losses, with Ethereum currently trading at around $2,417, down more than 9%, and Solana falling to $141.50, a 7.8% decline.
This recent price drop has triggered a wave of liquidations in the futures market. Data from CoinGlass shows that over $13 million was liquidated in the last hour alone. Four hours ago, nearly 388,466 traders experienced a combined loss of $225.02 million. Total liquidations in the past 24 hours have reached a staggering $1.59 billion.
